1. You are an intern at the Tax Assessor's Office for Jefferson City and your supervisor has asked you to prepare the following: A. A property tax estimate for a newly built subdivision (Walters) after she conducted her assessment of the property. Apply a 12% millage rate on the assessed value of each house and the park. The land that the house sits on is included in the market value of the property. Also, what is the total assessed value of all the units/properties and the total estimated tax? (See Appendix 5 A) The new subdivision has 100 units and Park. The prices provided below are based on assessed value. There are 15 two-bedroom houses on 5 acres of land valued at $80,000.00 each. There are 15 two-bedroom houses on 20 acres of land valued at $85,000.00 each. There are 60 three-bedroom houses with a two-car garage on 75 acres of land. The houses are valued at $210,000.00 each. The last 15 houses are four-bedroom units with a two-car garage on 15 acres of land. They are valued at $170,000.00. Lastly, the subdivision has a park with a swimming pool, tennis court, and a basketball court. The park and green space is valued at $85,000.00. . Note: Assessed value is: Individual Unit Value X the Number of Units B. The city also needs $1,600,000.00 in individual property taxes and the tax assessor indicated that the total assessed value of individual property is $20,000,000.00. What should the fixed or nominal tax rate be set at to collect the $1,600,000.00 in property taxes? Tax rate= C. The city has set the millage rate at 4% for all businesses. The spreadsheet in Appendix 5A has a partial listing of the city's businesses. Calculate the amount of taxes that can be expected along with the most effective tax rate (METR) for each business and an average tax rate using the partial list of businesses provided. (See Appendix 5A) The millage rate for each of the seven properties is 4%. Franklin's Clothing has a market value of $625,000 and an assessed value of $525,000. Payton's Tax Service has a market value of $575,000 and an assessed value of $475,000. Stacie's Lawn Care has a market value of $285,000 and an assessed value of $175,000. Eva's Finishing School has a market value of $400,000 and an assessed value of $325,000. Tiffany's Day Care has a market value of $250,000 and an assessed value of $175,000. Yiesha's Hair Care has a market value of $370,000 and an assessed value of $300,000. Myron's Boys Club has a market value of $650,000 and an assessed value of $575,000. 2. Calculate the coefficient of dispersion using the following information. Should the assessor reapportion the assessed property values (use average assessment)? Explain. (See Appendix 5B). A. There are five pieces of property that sold for $175,000.00 each and were assessed at $125,000.00, $130,000.00, $125,000.00, $110,000.00 and $95,000.00. B. There are ten pieces of property that sold for $125,000.00 each and were assessed at $39,500.00, $90,900.00, $68,000.00, $65,000.00, $92,000.00, $90,000.00, $85,000.00, $75,000.00, $89,250.00, and $65,000.00. 3. Using the price related differential test, calculate the aggregate assessment-sales ratio using the data provided below. Are the higher priced properties or the lower priced properties under assessed? (See Appendix 50) Sales Price Assessed Value Assessment Ratio Property 1 $165,000.00 $190,000.00 Property 2 145,000.00 125,000.00 Property 3 25,000.00 20,000.00 Property 4 30,000.00 25,000.00 Property 5 25,000.00 18,000.00 Property 6 200,000.00 170,000.00 Property 7 150,000.00 125,000.00 Property 8 135,000.00 135,000.00 Property 9 30,000.00 22,000.00 Property 10 25,000.00 15,000.00 Property 11 25,000.00 19,000.00 Property 12 35,000.00 28,000.00 $990,000.00 $892,000.00 > 1. Jefferson City has a severe budget crisis and the Mayor has asked you to help the budget director in preparing a report outlining cuts to the city's budget. Jefferson City has 200,000 permanent residents and an additional 25,000 people come to the city for work each day. They have a budget of $200 million dollars. The city also has a museum, a large public theater and provides subsidies for a minor league baseball team as well as a golf course. The city currently has $30 million dollars in its rainy day fund, but the Mayor has advised you not to consider it as an option. A. Based on what you have learned and what you know about city functions, which part of the budget would you examine first? Why? B. Which items would you cut? Why? Provide your alternatives to the superintendent. 2. Jordan Moore, the budget manager for Jefferson City, has requested that you assist him with the management of the cities' funds. Specifically, he wants you to calculate the two scenarios listed below based on the following information. This problem can be completed in a spreadsheet or in a word processing package. See Appendix 7A. A. The city has total cash payments of $20 million (T) for a 6-month period. Assume that the payment over this period is steady. The cost per transaction is $60 (b), the interest rate is 3% for the period (i), and the cost per dollar of funds transferred is .05% (v). Calculate the optimal initial cash balance and transfer size Average cash balance The number of transfers The total cost of cash management B. The city has total cash payments of $13 million (T) for a 6-month period. Assume that the payment over this period is steady. The cost per transaction is $45 (b), the interest rate is 5% for the period (i), and the cost per dollar of funds transferred is .04% (v). Calculate the optimal initial cash balance and transfer size Average cash balance The number of transfers The total cost of cash management 3. Prepare a life-cycle cost analysis for the procurement of a front end loader for Jefferson City based on data from three companies. Also, the city is trading in the old front-end loader. Note that the Trade in and Resale Value should be subtracted from the amount of the life-cycle cost. All calculations should be rounded to the nearest dollar amount. Solve for the energy cost prior to calculating the life-cycle cost. When you finish your calculations, indicate which of the bids should be accepted. Briefly explain your response. See Appendix 7B or a copy of the spreadsheet. Appendix 5C/Appendix 5D Jefferson City Public School System FY 2018 Projected Revenue FY 2018 Salary Fed .Inc. Tax State Inc. Payroll Tax Tax Total Taxes Position Description Superintendent Principal Teacher A Teacher B Teacher C Janitor Kitchen Manager Kitchen Staff Football Coach Basketball Coach TOTAL # in Grade 1 2 4 6 6 3 1 9 1 1 34 We've updated our read aloud featurel
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